Marubeni : Notice Regarding Revision of Consolidated Financial Results Forecast and Recognition of Impairment Loss

January 26, 2015

Notice Regarding Revision of Consolidated Financial Results Forecast and Recognition of

Impairment Loss

Marubeni Corporation ("Marubeni") hereby announces that at the Board of Directors' Meeting held today it resolved to revise its consolidated financial results forecast for the fiscal year ending March
2015 (From April 1, 2014 to March 31, 2015), initially announced on May 9, 2014. Details of the
revisions are as follows.

１．Revision of Consolidated Financial Results Forecast

（1）Details of revisions

Revisions of consolidated financial results forecasts for the fiscal year ending March 2015 (From April 1, 2014 to March 31, 2015)

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（2）Reasons for the revisions

As Marubeni expects to report the following one-time losses due mainly to the impairment losses of non-current assets in the third quarter of the fiscal year ending March 2015 (From October 1, 2014 to December 31, 2014), it has revised its full-year consolidated financial
results forecasts which were initially announced on May 9, 2014, as per the above.

＜Details of one-time losses＞

Category Details Main reason for the loss

Impact on profit attributable to owners of the parent

*Amounts before tax

Resources

Non- resources

Impairment loss on non-current assets in the North Sea Oil and Gas Field Impairment loss on non-current assets in other oil and gas fields
Impairment loss on non-current assets in the Chilean copper business Impairment loss on non-current assets in the Australian coal business
Impairment loss on goodwill at Gavilon (Note)
Decline in crude oil prices and increase in development costs
Decline in crude oil prices
Decline in copper prices
Decline in coal prices
Revision of the business plan due to failure to achieve the plan
Approx. ¥(60)
billion(*)
Approx. ¥(35)
billion(*)
Approx. ¥(10)
billion(*)
Approx. ¥(5)
billion(*)
Approx. ¥(50)
billion(*)

－ Tax effects － Approx. ¥40 billion

Total Approx. ¥(120) billion
(Note) Gavilon Holdings, LLC: Wholly-owned subsidiary of Marubeni, engaged in grains and fertilizer-related business (Head Office: Omaha, Nebraska, U.S.A.)

２．Dividend Forecasts

No changes have been made to the dividend forecasts, which were announced on May 9, 2014 (Year-end dividend: 13 yen per share).

３．Recognition of major impairment losses

（1）Impairment loss on non-current assets in North Sea Oil and Gas Field

In terms of the estimated irrecoverable amount of non-current assets held by Marubeni Group in the North Sea Oil and Gas Field, due to the decline in crude oil prices and the increase in development costs, Marubeni expects to recognize an impairment loss of approximately ¥60 billion under "Impairment losses" on non-current assets in the consolidated financial statements.
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（2）Impairment loss on goodwill at Gavilon

The performance of Gavilon for the current fiscal year is expected to fall short of the initial business plan, as was the case in the previous fiscal year. In light of these circumstances, Marubeni conducted a review of Gavilon's business plan, and expects to recognize an impairment loss of approximately ¥50 billion under "Impairment losses" on non-current assets on the estimated irrecoverable amount of goodwill in the consolidated financial statements.
(Notes to the description about future, other)
The descriptions about future such as the above prospects are based upon available information and assumptions, as of the time of the announcement date, about uncertain factors which would influence future businesses. Actual results might be influenced by various factors in the future.
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